Munnypot, a robo-advice and investment service created by the former founders of Cavanagh Group, has soft launched in the UK.
Munnypot was set up by Andrew Fay and Simon Redgrove, co-founders of Cavanagh that was taken over by Close Brothers in 2011.
The startup offers a WhatsApp-style user interface that makes use of a straightforward language to guide users manage their daily savings.
"We’re planning on shaking up the market and have partnered with some state-of-the-art organisations to help us do that. The initial response we’ve had from consumers has been overwhelmingly positive and we’re looking forward to quickly building our customer base in 2017," Redgrove said.
Munnypot is already backed by SEI wealth management. It has now also secured the backing of new partners including Virtual Affairs, Ortec Finance as well as Five Degrees.
SEI Wealth Platform UK Private Banking managing director Brett Williams said: “We believe (Munnypot) will be a disruptive brand in the UK market and think the company’s user experience, mobile-first design and simplicity will greatly appeal to a broad range of consumers, not just the tech savvy mass affluent millennials.”
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The startup plans to increase its marketing activity in early 2017.